tv Your Money CNN September 10, 2011 1:00pm-2:00pm EDT
. each week in our 2:00 eastern hour, we focus on getting your financial house in order. today, we're going to focus on made in america, products that you could buying that are made in the u.s. in the 3:00 eastern hour, we're going to talk to the co-author of "the power of half." a young woman who convinced her family to sell their house and give half the money to those less fortunate. her book is being used in a novel way in at least one public school. and at 4:00 eastern time, at the movies, we're getting the grade on "contagion." president obama calls his plan a jolt, not a stimulus. but it is. still, the big question remains,
will it work? i'm christine romans. welcome to your "your money." the american jobs act includes payroll tax cuts for 98% of businesses, a tax credit for hiring unemployed veterans, modernization of 35,000 public schools, a tax credit for hiring the long-term unemployed and a provision to help refinance mortgages at very low interest rates. stephen moore is an editorial writer with "the wall street journal." mark zandi says this plan, if it was enacted in its entirety could create almost 2 million jobs. let me guess, you're skeptical? >> i am. i'm friends with mark and have known him for a long time. but he's been wrong on his projections on jobs. an amazing statistic, i just looked up these numbers. we have 1 million fewer jobs today than we did in february of y when we created the $800 billion stimulus plan. so a lot of this hasn't worked.
let me use a football analogy, if i may. if you run the ball up the middle three times and you don't gain any yards, on fourth down, you don't run the ball up the middle again. that's essentially what the president is proposing here. a lot of these proposals you just mentioned are things that were in the original stimulus plan or the payroll tax credit, we did that in january of this year, none of it has really worked to create the kinds of jobs. i'm very skeptical. >> harvard professor ken rogoff is with us. simplest terms you can think of, why can't we create more jobs in this country right now? >> there are two basic problems. one is we're in the worst recession, whatever you want to call it, since world war ii. and it's lasting a long time. we're coming out of it slowly. and of course there's the slow, grinding overhang of our growing trade with asia, the growth of china, india, brazil. and that also is hitting american jobs, particularly for
lower educated workers. >> is it right to throw money at the problem in the near term? you're talking about big structural issues in the economy. >> i'd like to see big structural solutions coming out of this crisis coming out of congress and the president. that said, i don't think it's necessarily wrong to try to -- at least not pull back the stimulus. that's what's going on right now. you have to put some new to replace what you're taking out. think of it like taking an aspirin. when you're pretty sick, it will make you feel a little better. but it's not a cure. >> gloria borger, i can't wait to see what you come up with. cnn poll finds two-thirds of americans say creating jobs is a more important goal for this administration than reducing the deficit. gloria, the president called for a joint session of congress to deliver that jobs plan. clearly he wanted the american people to view him as a leader on job creation.
did he convince americans? >> we'll have to wait and see. he was talking to independent voters out there, the swing voters that are so important that are so upset about the fact that congress isn't able to get anything done. what the president was trying to do was to say to voters, look, i am a reasonable man, i'm laying down a gauntlet for congress. they can decide if they're going to take it or leave it. but if republicans out there decide that they don't want to take this package, they're going to have to explain to the american voters why. what was very important was the president said, i'm going to take this on the road, which means the game is on here for the 2012 campaign. and he's clearly positioning himself, a la harry truman, against a congress that if it doesn't act, he's going to say, they're doing nothing. >> repairing 35,000 schools in the face of budget cuts and giving teachers more money.
hiring benefits for unemployed veterans, there are things in here, you go down the line, it's going to be hard for a republican seeking reelection to stand up and say, i have voted against american veterans. >> yeah, look, i agree with a lot of what gloria just said. no question that jobs is priority number one, with the voters. it's also true that the voters want some quick action here. the problem, gloria, is if you look at the last election, why did republicans win this resounding election? what was their central promise? we're going to stop the spending, we're going to stop the debt. so to then turn around and say, by the way, we're going to pass a half a trillion new spending and debt deal, that doesn't go over very well with the people who voted for these -- >> i agree. we were waiting for the other shoe to drop which is on september 19th when the president says he's going to lay down his plan for the super committee. and that is apparently going to include how to pay for this.
the one interesting thing i heard from the president which is that he's willing to take on his own democrats on the question of medicare reform. >> but i've been in washington for 28 years. you've been in this town for a long time. the one promise that is always made and always broken is we're going to spend money now and save later. we've never done that. that's the reason we have a $15 trillion debt. the president is going to say, we're going to cut spending in 2018, 2019, 2020, what really believe that is? >> people say that they want to balance the books and they want deficit reduction and they want to live within our means until they realize the entire country has been living beyond our means. when people realize that budget cuts mean jobs and that their job could be lost, they change their tune a little bit. >> they certainly do. americans have wanted lower taxes and more spending for a
long time. now they say they want to have not so much debt but they still want lower taxes an don't want to cut the spending too much. i think it is a very angry populace. for the president to present a rational plan to angry voters who are quite unpredictable -- >> do you think this would create jobs if the president in an ideal world, not for his opponents in the house, if we were to get this whole thing through, would it create jobs? >> yeah, i think it would create some jobs. putting a number on it is hard. but i don't think there's any question that this awful debt negotiations and debt deal that they had over the summer sort of overdid it in the short run with cutting back stimulus while the economy is still weak. it didn't do anything. they kicked it all to the super committee, pushed everything into the future. this is more of the same. it's getting pushed into the future, but we are in a very deep downturn at the moment and
need to be very careful. >> ken, i read your book. i love your book. i think every economist should read it. but the one thing i would challenge you on a little bit is what i glean from reading your book is that on this recession that we're in, this is a classic kind of debt recession where americans at the business level, at the individual level and of course at the government level are overleveraged. there's too much debt out there. what i don't get about all this -- and this is my question for you -- if we have too much debt, how is more debt the solution to getting out of this crisis? i think it's probably exactly the wrong thing to do right now. >> i certainly agree, stephen, that this idea of a jolt and suddenly you'll be better again is wrong. and the president did talk about doing something about the mortgages and the housing. that's where i'd like to see more of the focus. i think that would really help pull us out. i'm not giving a blanket endorsement to it but saying we need to be careful. >> more on this in a minute. the economy is slowing down, again, recession fears are everywhere.
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really kind of in between. have you ever thought about decaf? do you think that would help? yeah. priority mail flat rate shipping starts at just $4.95, only from the postal service. a simpler way to ship. economists differ on whether america is headed for another recession. but most americans find that question irrelevant. 82% of those responding to a recent cnn orc poll say we're currently in a recession. if four out of five consumers are feeling like this is a recession, ken, a continued slowdown seems to be inevitable? >> that's not a good sign. these polls have a lot of interpretation in them and what consumers are doing matters more than what they're saying. not so long ago in july, durable goods, refrigerators and things like that, were picking up rather crisply. so maybe the hard numbers are not as bad as the mood.
but if the mood keeps this way, of course, it will feed into the hard numbers. >> stephen, is this a crisis instead of a recession which may require an entirely different approach to achieve a typical recovery, do you think? >> i think it does need a total different approach. when ken was talking in the previous segment about this being the worst recession since the great depression, in some ways it is. but in the 1970s, that was even a worse time for economic decline for this country. stocks lost 67% of their value in real terms. and what makes this different from that recession that we had in the '80s is that reagan came in and used an entirely different approach. he deregulated the economy, got federal spending under control, fought inflation and did a big tax cut. with 18 months of that presidency, we had an incredible expansion. we were creating about 250,000 jobs a month.
i guess i would say, look, if we got the policies right, there's no reason this has to be a three or five-year-long recession. i think the economy can turn around pretty quickly. but i don't think these prescriptions that we're using right now are working very well. >> you think the president's policies what's delaying a recovery. but, ken, you've written about this extensively. it's going to take time no matter what anybody does? >> i disagree with stephen on this one. i think this is worse than what we were in the in the '70s. i'm sorry to say this is worse. and the state of the financial system, the financial crisis, typically is associated with something much worse. i do think we could have expected three or four years of very difficult employment. but the trouble is it's not looking better still going further out. it's a legitimate question. well, should we try something else? what should we be trying? that's a fair question. i don't think anyone -- i think if john mccain became president in 2001, i don't think it would
be real different today. >> the political problem is we're trying to spend and trying to cut at the same time. and the american public wants everything. and that's what politicians want to give them. they say, we really care about deficit reduction and understand that's the key to the future. on the other hand, we want to spend some money and give you your -- extend your payroll tax cuts so that we can put some more money in your pockets. so it's a very difficult political situation, not only for the president but also for the republican party and for members of congress whose approval rating, by the way, is at 14%. so they understand the public wants them to get something done. >> there's also been -- if you look at the data -- i've been looking at it very closely. i think there's been a misdiagnosis of what the problem is with the economy. the keynesians that obama listens is say, we don't have enough consumer spending.
if you look at what's happened since late 2009, consumer spending has been rising at a pretty -- not a robust pace but it's been rising. what has fallen dramatically and has not caught up to where it was pre-recession is business investment. i'm a big believer that investment, spending by businesses, is what creates growth. and you're not going to get growth in spending -- >> i thought all those years of tax cuts were going to make wealth-creators create jobs and build the infrastructure. why didn't that happen? >> in the president's plan, he talks about small business and helping small business. there are some things in his jobs proposal that would encourage small business to hire, which i think republicans will embrace, right? >> but don't forget, the other thing he said is we're going to pay for this with a big tax increase on small business in 2013. small businesses don't hire on the basis of one or two years. they're looking forward and saying, the president is going to raise taxes on employers in 2013, that's a negative, that's
bearish for the economy. >> i think demand is what makes small businesses hire -- everybody wants demand, rishgts ken? >> they do. but i certainly agree with stephen, they have misdiagnosed this as a typical recession. they've said we need a big jolt of spending or stimulus and we'll get out of it. it is not a typical recession. we never got out of the last one. i think president reagan did a great job, but nobody's perfect. we almost had a catastrophic savings and loan crisis. we almost had a crisis from over deregulation. it's very tough to be president in these situations. >> and even in the best of times. presidents get too much blame and too much credit, bottom line, and there's a lot of different moving parts. but you need leadership and confidence. ken rogoff, stephen moore, gloria borger, another great discussion. republican presidential candidates have a thought or two or in mitt romney's case, 59
business. diane swonk is chief economist at mesirow financial. a year ago, we were heading into a mid-term election. we knew it would result in republicans at least taking over the house. you stood up against that conventional wisdom and said this was exactly the wrong time for gridlock in washington. you were so right. since then, a near government shutdown, a debt ceiling crisis that resulted in an unprecedented downgrade of our country's credit rating. we've got an economy that literally didn't create any net new jobs last month. do you think things will get better in the year to come? >> i think the status quo is more likely. the problem is we're about a 50-50 coin toss chance of recession at this stage in the game. that's one of the hard issues as we debate all these different jobs program, the historical models tend to give us estimates on what they might do for the
economy just don't work. ken rogoff said post-financial crisis economy is just different. that's what is the problem here is that people keep trying to use the old solutions to new problems. and that's not going to help us, although it is important to preserve the status quo because as bad as the status quo is, it could be worse. and many of the proposals that are out there will help to preserve the status quo and that's what we need to focus on at this stage of the game. >> the president's jobs plan, is that preserving the status quo and the best we can do right now? >> parts of it. the whole plan, no, it isn't. there are parts where they made estimate, models have estimated it would create as many as 2 million jobs. as much as i respect and admire the people who make those estimates, i don't agree that's how many jobs will be created out of it because of the structural problems we face. that said, there are parts of the president's plan that are very important. we can't have a tax hike which
would be the equivalent of letting the payroll tax cut expire at the end of the year at this critical time. unemployment benefits are keeping a floor on consumption. so treading water and keeping our head above water, it's really critical because the alternative is going under. >> roland martin is a cnn contributor. roland, the unemployment rate for january 2008 was 7.8%. today, it is 9.1%. last month, the economy didn't create any net new jobs. republicans argue this is because of his policies, not despite them. roland, why aren't the president's policies then creating more jobs? >> first of all, that's if you accept the republican rationale which is absolutely idiotic because somehow it ignores the rest of the world. so we're sitting here acts as if what a president can do alone somehow can fix the economy. look, we gave banks money under
the view that somehow they were going to lend the money out. they didn't. they shored up their balance sheets. also, our economy is all based upon consumer demand, consumer spending. if you don't have the confidence, they don't spend. you're in the going to add more employees if you don't have more customers. it's ridiculous to somehow think that a presidential policy alone somehow would drive this. we're operating in a whole new world these days. and politicians don't want to accept that. any time you hear republicans and democrats say, this is the sole reason, they're playing a political partisan game and not a real game of what's happening in the real world. >> i want to take a look at the economic plans that republican candidates would put into action if elected. overall, the republicans overlap on a few conservative ideas. they all want to cut the corporate tax rate, repeal "obamaca "obamacare," shrink government. mitt romney wants to develop this reagan economic zone.
he's talked tough about china, more from him than on anybody else. jon huntsman wants to cut individual tax rates. and he was endorsed by "the wall street journal." michele bachmann, mostly people are talking about her pledge for $2 gas. but there's a lot more in there. she would like to lower corporate tax rates. greg vallier, what's different about those gop plans that's not part of president obama's solution? >> they can make a case that what the president has doing has not worked. it doesn't look like it's working very well. they can make a case that we have to try something different. but let me make this point. i think in two important areas, they have touched hot buttons they might regret. the first is social security. the rhetoric from perry is so harsh even mitt romney called him out on it, that he could start scaring senior citizens. i have a rule of thumb, don't
scare my mother. if my mother starts to get scared about social security, i think the republicans could be in trouble. number two, making ben bernanke a big issue is something that could start to unnerve the markets. they all beat up on bernanke the other night. the markets like romney. they might like perry but not the idea of politicians meddling in monetary policy. >> christine, i have to make this point. here's what's important. when we say it didn't work, if you look at the consecutive months of prooif sector job growth and then you look at where we've been losing job, we've been losing government jobs. the problem is when it was said that, oh, if this goes into place, unemployment is going to go down. when we say unemployment has gone up, we're looking at what kind of jobs we're losing. we also don't accept that if you look at the stimulus plan, 40% of that was tax cuts. republicans don't want to talk about that. but did the plans the president put in place stem the tide or
could we have been worse had he not taken the action. >> i heard michele bachmann say this week that the stimulus didn't work and, in fact, is hurting america and hurting the economy. let me say to you, diane, you have these two very different world views that have caused this gridlock that is not good. >> the reality is the stimulus did stem the hemorrhaging of the patient at a very critical time. and that's very important to acknowledge. that said, it's not enough for most americans because we are worse off today than we were even during the beginning of the recession. and so i think that's what's a hard reality out there is that doing the status quo and stemming the hemorrhaging, although, i think that's incredibly important, most people don't understand that because the bottom line is they think linearly. and linearly they're not as good off as they were before and that's what they're making their
bets on. going after ben bernanke is one of the most dangerous things out there. an independent federal reserve for financial markets is critical. and this is really important. the verbiage that's been used, his life has been challenged, that that's tolerable in any kind of -- >> let's leave it all here for a second. i agree with you that the language has really gotten pretty hot and that it doesn't help the dialogue much. i want to talk a little bit about social security when we come back. is it really a ponzi scheme? a ponzi scheme? why one republican presidential candidate thinks it is, next. ♪ been torn apart
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of the american postal workers union. we search, browse, and shop from anywhere. we live in a social world. isn't time we had a social currency to match? membership rewards points from american express. use them for the things you love from amazom.com and more. gop presidential hopeful texas governor rick perry blasted social security during this week's republican presidential debate. >> it is a monstrous lie. it is a ponzi scheme to tell our kids that are 25 or 30 years old today, you're paying into a program that's going to be there. anybody that's for the status
quo, with social security today is involved with a monstrous lie to our kids. and it's not right. >> diane, is governor perry right? is it a ponzi scheme or an insurance program that needs reform to make sure it's properly funded for the next generations? >> social security is the low-hanging fruit of things that can be fixed to make it solvent. this is ridiculous talk. we live longer, it was a pay as you go system. those people who are paying now are paying for those who are taking out now. we can make modest changes to make it effective for the overwhelming majority and over 90% of americans. frankly, the wealthiest of americans, i would hope that i don't need it. i'm very lucky to have made the money i have and i should have saving for my independence in retirement. and there are ways -- it is one of the easiest beginnings. alan greenspan once said, get
everyone in a room and spend ten minutes and the first five agree on how to fix social security and the other five -- >> it's interesting, greg, you mentioned, anything that scares your mom is not a good political move to make. it allowed an entree for mitt romney to look like a centrist, a realist. and it made him look like a frontrunner. >> diane's right, this is very fixable. we're in a society now where in order to get on tv or sell a book, you've got to say outrageous things like, let's secede from the union, ben bernanke is treasonous, this is a monstrous lie. you have to tone the rhetoric down. the trick is to be electable. when he talks like that, i think he diminishes his chances of getting elected. >> that's a good point. roland, weigh in on that point.
by appealing to the base now, maybe he's helping president obama's case down the road. >> look, at the end of the day, i'm a native texan. i've known governor rick perry for so long. but this is classic republican politics where you come up with a perfect bumper sticker that the people you're appealing to can say, that's it, social security, ponzi scheme. the problem is, he doesn't look credible because when you talk to people who understand what's going on, they can break the argument downment but for him, it's an easy political ploy. the problem is you have too many dumb folks out here -- and, yes, i said it -- too many dumb people who hear that rhetoric and say, thais that's my guy. they're going to be the very people in alabama, tennessee, mississippi, georgia, who are gang to be depending upon social security and they will be saying, where's my check?
>> diane, it motivates people, especially people who feel badly about what's happening in the economy. when you have unemployment at 9% and a big part of the unemployed who have been out of work for the social cohesion starts to come -- you can see how extreme partisan politics plays. >> it is an economic story of why it plays. i grew up in detroit. the militia here trained timothy mcveigh. i've seen it firsthand and i don't like it. here it is again. there's nothing that can substitute for the truth. what's unfortunate is how much little fact-checking that goes on in dealing with the political rhetoric out there. both sides of the aisle are guilty of this. i think it's time for people to start telling the truth and be called out on the truth and not -- they'll say they're
telling the truth and they're lying straight to the american public. the american public has been lied to for a very long time. we have not paid for the entitlements that we all collect. and i think at the end of the day, you've either got to cut the entitlements, raise the revenues or do some combination of the both. and that's just not being accepted and it's not being told to the american public. they've been sold a lie. >> also the american people have to accept it as well. the cbs poll said 60% of americans saying, don't raise mys. the same percentage said, don't cut entitlements but i want my check. >> the bottom line is we can't afford ourselves. >> but at the same time, the treasury ten-year bond yield is 2%. this hasn't bothered the bond market. this is the least appreciated part of the story. as we all know, if this doesn't worry the bond market, i'm going to sleep well at night. >> and to add to that, greg,
it's not as if we can't solve our financial problems. s&p, i think, made a very big mistake in downgrading us. but we have in reach much more than europe does, given our demographics, to phase in reasonable deficit reduction plans over the next 15 years to get us out of these problems and we could afford stimulus. we could all debate whether it's going to have an effect. but those are important themes to get out there that no one's really talking about. >> one other quick point. i always talk about austerity. it's like having an ailing patient you're going to put leaches on. i don't get it. >> that's a good analogy, greg. >> when you're paul ryan and you talk about custom medicare, democrats leap on it and win the republican seat in upstate new york. talk about the same thing on the democratic side, republicans say tax cuts, people are fired up. when politicians speak truth and we're all talking about, they
are vulnerable to losing their jobs. >> those are the jobs they really care about. diane swonk, thanks so much. >> and they all have pensions, right? >> that we pay for. >> have a great weekend, everybody. coming up, 9/11, ten years later, we're going to talk to the man who was running the new york stock exchange on the day of those attacks. plus, a look at how one company is giving back to those who lost loved ones on that day.
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on september 11th, 2001, dick grasso was the chairman of the new york stock exchange. he joins me now from there. ten years ago, the stock exchange jut shut down for four horrible days. we're going to talk about what it was like to lead the new york stock exchange during the panic that ensued on 9/11. one thing i want to ask you about, i remember the patriotism of purpose that was in the air when the exchange reopened on the 17th. everyone was unified to move the economy forward and not let this be an attack on the american economy. ten years later and the toxic environment in washington is a key factor in hurting our economy. where has that unity gone, in your opinion? >> sadly, i think it's fallen
prey -- it's great to be with you again. it's fallen prey to partisan politics. and people are putting elections ahead of what is best for this country. i think the american people are fed up with it and i would not be surprised if in the words of the oelt brooklyn dodger fans, come the next election, they throw out buns out. >> the investors are trying to figure out where the economy is headed right now. stocks, once a bright spot of the recovery, forecasting a recovery, they've been pretty rocked of late, dick. dow jones industrial average was at 9,605 when the attacks took place and really struggled in the months that followed. look where we are now. what is it going to take to get the markets to stabilize? does it take political unity and an economy that really is healing? >> you're not going to get
political unity simply because of the wildly disparate political ideologies we now see in the leadership roles. but hopefully what you can get is certainty as to economic output. and certainty, i mean by both tax policy, regulatory policy and a government that is willing to compromise, both sides of the aisle, both extremes of both sides of the aisle, for the betterment of the american people. short of that, the market will continue to oscillate. we have the underpinnings of, i think, a very important recovery. but until the marketplace sees a return to a philosophy of doing what is best for the country over what is best for one's own political future, the market is going to just continue to
oscillate as we've seen. >> i couldn't agree with you more. you said certainty, another thing is confidence. with that certainty then comes confidence and confidence in short supply. so many companies lost employees on 9/11. but none more than wall street firm cantor fitzgerald which lost two-thirds of its new york staff. they were criticized for stopping the salaries of those who died and executives vowed to do the right thing. ten years later, they've come through on their promise. ali velshi has the story. >> reporter: it's been almost ten years since rich lost his fiancee, karen, on september 11th, 2001. >> she was the love of my life and we were together almost every moment. >> reporter: karen was an administrative assistant at cantor fitzgerald, the financial services firm that lost more employees on 9/11 than any other company. rich, then a managing director at bear stearns, helped her get the job. >> my friend who hired her, he loved her.
and he left the firm, actually, about six months before 9/11 happened. and she didn't go with him. she liked cantor so she stayed there. >> reporter: rich is still coping with his loss today. edie heads up the cantor relief fund. she is the sister of the company's ceo. their brother, gary, who was also a cantor employee, died in the attacks. >> my brother, howard, called me on september 13th and he said, edie, we need to do everything we possibly can to help these families, i want to chart a charity and i need you to run it. i started ticking off in my brain all the people that i thought were much more qualified to do this. and then i realized that they were all gone. >> reporter: cantor fitzgerald lost 658 of its new york-based employees on september 11th. four days later, it stopped paying the salaries of those
employees. their families were outraged but the company pledged 25% of its profits for the next five years to those victims' families. the cantor fitzgerald relief fund has now paid out over $180 million to the families of those victim, including their children, their spouse, their domestic partners and their fiancees. edie has written about her journey with the cantor families in a new book. >> there were so many lessons that we need to learn from 9/11 so that, god forbid, there's another tragedy down the road, we can look at all of this and say, okay, these are the things that we could have done better. >> reporter: what the cantor fund has done is a rarity, say nonprofit insiders. >> it's quite remarkable that cantor fitzgerald has continued giving and is thinking about doing that at a time when the financial industry isn't doing as well. that's the real test of generosity. >> reporter: for rich, the cantor fund's generosity has
helped him tremendously in the wake of his fiancee's death. >> cantor just -- they did so much for me after she was killed. it was just having people there to talk to that went through the same thing. >> reporter: rich says having that support system will help him keep the memory of karen alive. ali velshi, cnn, new york. dick grasso is still with us. i want to talk about how much has changed in these past ten years. plus we'll show you how lower manhattan has gone through quite a change as well. ♪ [ sighs ] [ bird chirps ]
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tell your doctor if you have a heart condition or high blood pressure before taking it. [ whistle ] with copd, i thought i might miss out on my favorite tradition. now symbicort significantly improves my lung function, starting within 5 minutes. and that makes a difference in my breathing. today i'm back with my favorite team. ask your doctor about symbicort. i got my first prescription free. call or click to learn more. [ male announcer ] if you can't afford your medication, astrazeneca may be able to help. dick grasso is still us with from the stock exchange. we just saw a piece from cantor fitzgerald. with everyone concerned for their safety and their loved ones, when could you focus on the effects, the events 9/11 could have on the markets and the economy? bring us back to that. >> well, first and foremost, obviously, that day and the few days following was the
protection of life on the day of the attack, obviously. and in the few days following, it was a rescue effort going on at ground zero that we had hoped would've produced if not thousands, hundreds of people alive trapped under the rubble. we ultimately learned that very few, i think five in total would come out alive and that of the almost 2,700 who perished that day in the two buildings, fewer than 40% of the remains were ever recovered. so it was a time of great stress. it was a time of great collaboration between our fabulous mayor at the time, the private sector, and the financial community. realize to get the financial markets up and running again, christine, you needed power and coned lost its substation that
sat under the world trade center. you needed voice and data switching, which verizon lost when number seven world came out and took out 140 west. and i must tell you a tribute to those technical workers at both of those organizations, verizon and con ed, they worked around the clock so that the financial community was in a position to reopen that following monday. and unlike any period in the financial market's history, those of us in the business took off the jerseys we wore of our respective organizations and put on a team u.s.a. jersey, and one blood sport competitor became another one's helper. and we all locked arms to do one very simple thing, christine. to send the message to the terrorists, you've killed thousands, you've destroyed billions in property, but you've failed. you've failed because the american spirit can never be
broken. we will rise, we will rebuild, and we will never forget. and we did that, i'm very proud of what we did as a collective partnership. >> i would give anything for a little bit of that unity right now. i'm going to be honest with you. i remember seeing you on the floor, seeing all of those con ed workers, traders, people at the stock exchange, journalists, security guards, policemen, firefighters, some people came in the building to get a drink of water and go back into the pit. and that unity of purpose as a country -- and i'll say it again, the patriotism of purpose. i feel, dick, like we've lost it in this country right now. >> we need it back, and we need the people in washington on this tenth anniversary to reflect how unified the country can become in its darkest moments, and we don't have the terrorist attack to deal with, but we have an economic terrorism going on that's got to be cured. and you cure it with good public policy, with a partnership
between the public and private sector, and with that all america is saying there's nothing that this country can't do. >> pleasure to see you again, sir. thank you so much. ten years, i can't believe how fast it's gone. thank you so much. >> thank you. 9/11 affected so many parts of the country, but perhaps none more significantly than lower manhatt manhattan. lowerm manhattan is back. credit 'cause you'll need a loan for one thing or another score 'cause they break it down to one simple number that you can use dot to take a break because the name is kinda long com in honor of the internet that it's on put it all together at the end of the song it gives you freecreditscore-dot-com, and i'm gone... offer applies with enrollment in freecreditscore.com
[♪...] >> male announcer: now, for a limited time, your companion flies free, plus save up to 65%. call 1-800-sandals. conditions apply. hello, everyone, i'm fredericka whitfield in atlanta. i want to take you straight to shanksville, pennsylvania, for the flight 93 national memorial dedication. speaking right now, former president george w. bush. >> they boarded american flights 1177, united 93 and 75. they did nothing to provoke or deserve the deliberate act of murder that al qaeda carried out.
one of the lessons of 9/11 is that evil is real. and so is courage. when the planes struck the world trade center, firefighters and police officers charged up the stairs into the flames. as the tower's near collapse, they continued the rescue efforts. ultimately, more than 400 police officers and firefighters gave their lives. among them was the chief of the new york city fire department peter gancy, as a colleague put it, he would never ask anyone to do something he didn't do himself. the pentagon service members and civilians pulled friends and strangers from burning rubble. one special forces soldier recalls reaching through a cloud of smoke in search of the wounded.
as he entered one room, he prayed to find someone alive. he discovered a severely burned woman and carried her to safety. later in the hospital where she explained she's been praying for rescue. she called him her guardian angel. and then there's the extraordinary story we commemorate here aboard united airlines flight 93 were college students from california, iron worker from new jersey, veterans of the korean war and world war ii, citizens of germany and japan, a pilot who had rearranged his schedule so that he could take his wife on a vacation to celebrate their anniversary. when the passengers and crew realized the plane had been hijacked, they reported the news calmly. when they learned that the terrorists had crashed other planes into targets on the